CP Daily: Wednesday July 27, 2016

Published 22:10 on July 27, 2016  /  Last updated at 22:13 on July 27, 2016  /  Newsletter  /  No Comments

A daily summary of our news plus bite-sized updates from around the world.

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Oil-rich Alberta en route to boasting Canada’s toughest carbon price -report

Alberta’s new carbon tax puts it on track to reside over Canada’s most stringent CO2 pricing regime by 2020, according to a report by the Ecofiscal Commission, although the regime is predicted to achieve few emissions cuts at least in the early years.

CN Markets: Hubei CO2 price recovers as fresh demand emerges

The carbon price in Hubei’s emissions trading scheme rebounded strongly this week after some investors stepped in to take advantage of record low levels, while a few compliance buyers have bought back permits to bank them, according to traders.

EU Market: EUAs firm after solid UK sale, sub-€4.50 prices attract buyers

European carbon hit an 11-day low below €4.50 early on Wednesday, but ended slightly higher amid a strong UK auction and despite rising coal prices.

Dirtiest 200 companies’ fossil fuel reserves take world 460% over carbon budget -report

The world’s 200 largest fossil fuel companies collectively own oil, gas and coal reserves that if burned would generate emissions some 460% above what would be considered safe, according to a new report.

UK-based director banned for £1.1 mln VER investment scam

A 31-year old man has been handed the maximum directorship disqualification by the UK government for using misleading sales techniques to sell £1.1 million in carbon credits.

BITE-SIZED UPDATES FROM AROUND THE WORLD

A gust of new investment – The European offshore wind industry attracted a record €14 billion in new investments during the first six months of 2016, according to industry association WindEurope.  Seven projects reached final investment decision this year, financing a total of 3.7 GW of new capacity. The UK accounted for nearly three-quarters of the new investments, while the volume of new grid-connected installations in the first half of 2016 was 511MW, 78% down on the same period in 2015.

Commerzbank cashes out of coal – The German investment bank has decided to stop financing new coal mining projects and coal power plants, writes Klimaretter.info. According to new internal regulations (fully enacted from Aug. 1), Commerzbank also “expects German clients in the energy supply sector to reduce the share of power generated through coal” to under 30% by 2021. Modernising existing power plants would continue to be possible but be subject to individual examination, writes Klimaretter.info. (H/T Clean Energy Wire)

And finally… Not sure how anyone could think this was a good idea – It’s a pitch that even Don Draper would have blanched at: buy your oil at home if you think lesbians are “hot”.  The author of the Facebook post was Robbie Picard, an activist with a Canadian group that lobbies in support of the country’s vast tar sands industry, Climate Home reports. “My question to the rest of Canada, particularly Ontario and Quebec: Why are we getting our oil from Saudi Arabia, Nigeria, places that if you’re gay, they will chop off your head?” Piccard told CBC News. Piccard, who is gay, was initially unrepentant when asked about the post, which many said was sexist, although he later removed it.

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